SE European central bankers establish mechanism for exchange of information

Central Bank Governors of South Eastern European countries endorsed today a framework for the exchange of information regarding cross-border banking groups operating in the region, during a meeting in Limassol.
According to an announcement, participants at the meeting also noted signs of recovery and gradual growth in most countries of SE Europe, despite the challenging international environment.
The meeting took place at the invitation of the Governor of the Central Bank of Cyprus Athanasios Orphanides.
Present were governors and representatives of the central banks of Albania, Bosnia and Herzegovina, Bulgaria, Cyprus, Former Yugoslav Republic of Macedonia, Greece, Montenegro, Romania and Serbia, as well as a representative from the Banking Agency of the Federation of Bosnia and Herzegovina.
The meeting focused on the recent macroeconomic and financial developments in SE European countries and the current outlook and condition of the banking system.
The participants noted that prudential measures that have been taken by supervisory authorities, and which have contributed towards further strengthening the soundness of the region’s banking system and enhancing financial stability.
Concerning the establishment of a framework for the exchange of information, it is noted that it concerns a permanent mechanism among the banking supervisory authorities of SE European countries, which will promote a better understanding of the risks faced by banks with cross-border presence in the region.
It will also allow the identification of possible differences in national supervisory rules and practices and enhance supervisory co-operation, the announcement said.
The meeting was held within the framework of the multilateral Memorandum of Understanding, originally signed in Athens in July 2007, which aims at further advancing co-operation in the fields of banking supervision and financial stability.
The next meeting will take place in Albania in 2012, the announcement concluded.